Signal-Copiahan. (Hazlehurst, Copiah County, Miss.) 1885-1888, 1887-11-24
PARTNERSHIP LAWS.
A synopsis of Legal Decisions Relating to
Joint Huslnens Enterprises.

| JOINT Business Enterprsoh.
When IL partnership Is formed for :
definite period 1t is dissolved by thu
expiration of that period.
The death or insanity of any partner
operates rs dissolution.
The conviction OF a partner on .
criminal charge. and sentence To i'm
prisonmcnt for life dissolves the part.
ncrship.
II one partner becomes individually
insolvcnt, and makes an individual
assignment for the benefit of his pri-
vatc creditors, the partnership j.
thereof dissolved.
Each partner is expected to give n
reasonable amount of his time and At
tcntion to the business of the firm. In
case of his refusal or neglect to do So.
the other partner or partners may ASK
for dissolution and then rcorgaliizc
without him.
Between the partners themselves the
provisions of the articles are binding.
and are the measure of the rights OF
each member of the firm. But they
are not binding upon third persons
who have dealings with the firm. un'
less the articles are shown TO them, on
they arc aware in some way of thcii
| tenor.
Partners are trustees for each other
rs among themselves, while they arc
agents of each other rs to third per.
sons. AS trustees. therefore, every
thing they do must inure to the benefit
of the firm. No partner can take al.
vantage of his position as partner &c
obtain any private gain for himself.
The test of partnership is com.
munity of interest, an agreement tt
share both profits and losses, and q
right to voice in the direction of the
affairs of the firm.
As n rule. no partner can sue his co.
partner Oh any matter connected with
firm affairs, rs long rs the partnership
continues. He can. however, sue for
any private or distinct debt.
Each partner is general agent.
with broad powers to act for and bind
the firm.
Each partner has the power TO buy
and sell goods, and to assign any or
all of the property of the firm.
Each partner can borrow money.
! and give promissory notes of the firm
rs security for tho loan. He can
compromise or release dcots due the
firm in full, even If it takes all the as.
sets of the partnership
The authority of u partner is con.
fined to the general scope and custom
of the business. While he may sign
notes or checks and accept bills of cx-
change, this must be com mcrcial paper
in the ordinary course of the business
of the firm. He can not bind the firm
by note in favor of II private or in.
diyidual creditor in payment of pr-
vatc debt without the consent Of the
other partners.
Nor can one partner issue accOmmo-
da,ion paper; that is, sign the note Of
another firm or individual, rs surety
or indorscr. in the firm name, so aS to
bind the other partners without their
knowledge and consent. In such q
case. the partner signing would be per.
sonally liable, but not the firm.
One partner can not alone execute
and bind the firm by any instrument
under seal, except tho release of
debt. All the partners must execute
deeds and mortgages of the partner
ship property powers of attorney
etc, i'm order to make them valid.
The partnership creditors are enii
tied to be paid their debts in full ont
of the assets or property of the part.
ncrship before the individual creditors
of any one partner can claim any
thing. Dry Goods Chronicle.